Analyze the qualitative characteristics of accounting information Some of FASB's pronouncements include the basic fundamentals of the elements with which accounting is worked. For this reason, it is important that they are widely known and, even more, at an intermediate level. In this task you will describe the conceptual framework of FASB, its purpose, concepts, principles, standards and rules.

Instructions: After having studied the educational resources presented in this module and having read the textbook Intermediate Accounting: Reporting and Analysis, proceed to answer the following questions:

1.Explains what the FASB Conceptual Framework is and its purpose. 2.It mentions and describes some concepts, principles, standards and rules of the FASB and how they differ from each other. 3.It defines the concepts of return on investment, risk, financial flexibility, liquidity and operational capacity.